UK Can Meet Half Its Oil, Gas Needs With Right Steps, Lobby Says

The UK could supply half of its oil and gas consumption from domestic sources by 2050 if the right policies were in place, according to the industry lobby group.

Right now, producers in the aging North Sea basin have plans for 4 billion barrels of oil and gas equivalent in various states of readiness, which accounts for less than a third of the nation’s projected needs in a scenario where there is economy-wide realization of net-zero by 2050, Offshore Energies UK said in its business outlook report.